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Ford to Sell $500 Million in New Stock

Ford Motor Co. said Thursday it will sell up to $500 million worth of stock to buy back debt owed by its credit arm, building on a strategy that is designed to help shore up its bottom line.

In August, the struggling car maker said it would sell up to $500 million worth of shares and use the proceeds to retire debt. Spokesman Bill Collins said Ford was "well on its way" to selling the original amount. The new filing would allow Ford to sell another $500 million worth of stock.